Katie makes it clear that, whilst being a company director comes with significant powers, there are also statutory duties that they must follow, in line with the Companies Act 2006.
If a director does not adhere to these duties, there are several penalties that can be levied, including fines, and being disqualified as, or even prohibited from, acting as a director. In the most severe cases, criminal prosecution is also possible.
Katie’s recommendations of what directors should and should not do are practical tips for those trying to stay on the right side of the Companies Act. You can read the recommendations in full in Business Leader here.
If you have questions or concerns around your role as a director and would like further guidance, please contact Katie directly or get in touch with a member of the Company Secretarial team.